Dash released InstantX in late 2015 and now is changing the name to InstantSend. The initial implementation was only available with desktop wallets, but now all the Dash mobile wallets support InstantSend. The concept was highlighted at the Miami bitcoin conference when the Dash N Drink Soda Machine was used to show off the technology. The Dash N Drink will again be shown at the d10e conference in San Francisco in July.
What is so special about InstantSend? Don’t other cryptos have the ability to send transactions in a few seconds? The key difference with InstantSend transaction is that it locks the transaction as soon as it is sent. If a crypto transaction without InstantSend is sent, it is considered a 0 confirmation transaction. These transactions can be double spent or even rejected, especially now that Bitcoin blocks are all nearly full.
The InstantSend transaction doesn’t need to wait for a block confirmation to be considered confirmed. A typical InstantSend transaction will only take about 1.5 seconds and will be locked for the next 5 block confirmations. This is equivalent security as waiting 10 minutes for a bitcoin block confirmation.
Why is Dash able to implement InstantSend? Dash is unique in that it has a network of blockchain paid masternodes that originally were intended to be used for mixing and maintaining Dash fungibility. This network now adds InstantSend and blockchain development funding by masternode voting. There are many more features planned for Dash, but InstantSend is one feature that will change the future of payment systems. The latest Dash wallet update to be released in about a month will implement programmable budget funding and will implement the Darksend to PrivateSend and InstantX to InstantSend name changes.
InstantSend is now an option for transactions up to 10,000 Dash, about $80,000 as of today. This was raised from the 1,000 Dash limit earlier in the year. Up to now merchants have had to accept a 0 confirmation crypto transactions and absorb the double spend risk. Now they can use InstantSend and in a little over a second get a locked transaction. This truly enables point of sale purchases. It also enables exchanges, betting, and financial services to settle transactions just about instantly without a centralized 3rd party.
Learn more about InstantSend or how to invest in the masternode network and earn dividends while supporting InstantSend transactions with our What is A Masternode? guide or visit dash.org
